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Morgan Stanley's head of institutional securities for the Americas, Robert Koppenol, is leaving after more than 20 years with the firm.

The bank has not named a replacement for Koppenol, who is also a managing director, a spokesman said.

Some of his responsibilities will be assumed by Stewart Breslow, who chief executive John Mack re-hired as managing director and global compliance officer a month ago.

Breslow had held the same positions at Credit Suisse First Boston, following Mack when he left Morgan Stanley in 2001. Breslow spent more than 14 years with Morgan Stanley, including six as the firm's global head of compliance.

Morgan Stanley has set a deadline of November 30 for 1000 of its managing directors to sign a contract that will increase the length of time they have to wait before starting work with rivals if they leave. The decision follows a year of upheaval in which the firm feared departures from a large number of staff following the receipt of their bonuses.